Cabinet approves housing loans budget of AED 12 billion

Chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the UAE Cabinet meeting adopted a number of initiatives and legislations aimed at further developing government work…reports Asian Lite News

The meeting was held at Expo 2020 Dubai, in the presence of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; and H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Sheikh Mohammed bin Rashid said, “I chaired a cabinet meeting today, where we adopted a housing loans budget of AED 12 billion for Sheikh Zayed Housing Programme during the coming years. The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years.”

He added, “We approved the formation of the “Emirates Council for Balanced Development” chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. The council goal is to develop plans, implement projects, and build government-private partnerships. It aims to develop the UAE’s regions, providing opportunities for citizens and a better future for children. I am optimistic about Theyab bin Mohammed and the youth’s energy.”

Sheikh Mohammed mentioned, “We approved today a new policy for the private sector companies, in order to support Emiratization goals and plans, provides additional incentives for companies supporting Emiratization, and consolidates the partnership between the government and the private sector in this field.”

He affirmed, “Citizens will remain the priority and the government will support them continuously in housing, development, education and economic and labor opportunities. The Government role is to establish a balance between our rapid economic growth and providing a better life for our citizens.

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“Today at the Cabinet meeting, we also approved a number of international economic, security and environmental agreements and an institutional ecosystem to promote tolerance and coexistence.”

The Cabinet approved a new policy of housing loans programme, according to a mechanism that ensures covering all expected requests for the coming years, in order to reduce the waiting period.

The Cabinet approved a new policy for the classification of businesses in the private sector, according to a specific mechanism that enhance the flexibility and competitiveness of the labor market and continuously supporting the growing economic system in the country.

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